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Cavuto on Business

News/Business. Neil Cavuto and market analysts discuss financial issues and forecasts. New. (CC)

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00:31:00

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San Francisco, CA, USA

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Comcast Cable

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Channel v760

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
1280

PIXEL HEIGHT
720

TOPIC FREQUENCY

Us 3, Michele Bachmann 2, The Irs 2, Adam 2, Joe Biden 2, Iran 2, Irs 2, America 2, London 2, Charlie 2, Steven Miller 1, Payne 1, Richard Nixon 1, Michael Mukasey 1, Neil Cavuto 1, Lewinsky 1, Whiten 1, Jd Power And Associates 1, Obama Administration 1, Obama 1,
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  FOX News    Cavuto on Business    News/Business. Neil Cavuto and market analysts  
   discuss financial issues and forecasts. New. (CC)  

    May 18, 2013
    1:00 - 1:30pm PDT  

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that's how we run. nothing runs like a deere. visit your dealer or johndeere.com/howwerun to see the new signature series and 1 family tractors. >>. >> neil: growing scandals surrounding the white house, growing the white house officials plastered across the news. sounds like what is going on today but actually talking about what was going on four decades ago almost to the day. hi, i'm neil cavuto and talk about a little deja-vu. 1973 the date the watergate hearings begin captivating a nation and crippling a presidency. wall street seeing a lot of red that summer. and several hearings on tap for this summer, are we about to see another great 1970 show all over again.
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charles payne? >> i'm not sure. it depends. the her rings this week started off with fireworks. look at some of these scandals. iran contra. monica lewinsky. the economy did well. the through all those economy grew great. >> neil: not watergate? >> g.d.p. was up. when it broke toward the end it was meltdown. that is what happens when the president leaves in that kind of disgrace. i will say there is a good side to this, too. the idea of stopping the anti-business agenda of this administration, i don't think the market is unhappy with that. >> i think watergate was middle of stagflation. michael mukasey monica lewinsky was in the middle of tech boom. this market doesn't care about
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the president. it cares about the head of feds. that is what this marketed cares about. if obama resigned tomorrow the market would probably do nothing. >> until joe biden stepped to the podium. >> i worry what this irs scandal symbolize about these the future of this country, of unsupervised bureaucrats. a government that has gotten so big. that is our our taxpayer is being spent-i don't know what will reverse that. that is is not an environment where this country can prosper, where this country can continue to grow. the zeirgs of the american people and encourage them to start new businesses, that is what concerns me the most. >> neil: you know if it was watergate, you were around that time and remember it well. one of the things, big differences there are multiple scandals going on, not only the irs but the justice department
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targeting a.p. reporters and health and human services to promote the health care law -- i could go on and on. there are a lot of these that could differentiate on watergate. what do you think? >> watergate was a different situation. media was against the president. in this case the media except for fox news is for the president and laying down their lies to defend him despite a slight rebellion in the white house press room. main thing as charlie said, very big inflation and stagflation prices because of the arob oil was skyrocketing and demand was falling rapidly. earnings per share was falling rapidly. that is what the market cares about. it doesn't care about humiliate mr. obama. it cares about earnings per
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share, adjusted for inflation compared with other investments. >> neil: i chuckled, militant cue to joe biden comparison. here is what i want to know, adam. think presidents can skate by crises if the backdrop is a good economy. it helped ronald reagan get through iran contra. night and day differences but because the economy was as bad as it was, we're dealing with inflation and oil embargoes in 1973. it was what was facing richard nixon. i wonder if this relatively improving economy could help this president no matter how these hearings evolve? >> i don't disagree with anything you said. i would make a stronger statement. >> neil: that's okay.
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>> nixon even probably could have survived if it didn't turn out that his fingerprints were on the problem. that is the critical difference. president obama president regulate on was never plastered around iran contra and obama isn't involved in any of the scandals. >> neil: we don't know that yet. >> benghazi is not a scandal. it's incompetence and it doesn't bring down a president. it appears what is going on with the irs, low level people who acted extremely badly which has nothing to do with the president. >> don't throw off the political ramifications of this. let's face it. we have midterm elections coming up. i don't think it has a big impact on the economy and markets, but this is political problem. the incompetence of the obama administration where one hand doesn't know what the other hand is doing. people are idiotic make idiotic
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mistakes when benghazi is clearly an example of incompetence. that will reflect on the president and that will hurt him politically. >> two things, charlie, real quick. >> with respect to my colleagues benghazi is out right mal fee answer is and lying, fal fees answer and criminal cover-up. >> that is so true. >> what we're all agreed on there is a thin connection of the scandals across time and the economy. there is a thin connection between the actions. president and the economy. having said that -- having said that, there is no suggestion of criminal behavior with this benghazi situation. charlie, to your point -- >> personal and obstruction of
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justice, those are crimes. >> neil: my big thing is, we gone from an administration that was very hands on, to hands off. i know nothing. after one crisis after another. the only defense is ignorance, i was out of the loop. that alone raises questions on so many different scandals that the best defense you have is that you didn't know what was going on. i think that falls into this idea of competence in the white house and competence in our leadership. that will get to be an exacting problem. and i do think charlie impedes the president's agenda. but a speed bump, to your point, steven miller would tell you, poor planning. it was non-part son and we will try to be more efficient.
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>> why is everybody scared to death about the fact that this scandal with the irs. we are at the mercy of this police force. it has greater and greater power. we got a whole new tax bracket. it's got to police the health program. >> do you think the tax exempt groups, i know they are right wing but you think they should be tax exempt. they are focusing on one type. those groups are political action committees. >> hold on a second. >> either the argument is -- a group. >> i agree. [ talking over each other ] >> let's be honest before we cast aspersions on irs can't enforce the tax code. they went after groups that should not be tax exempt.
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[ talking over each other ] >> it's a nonprofit groups. shouldn't they be tax exempt? >> neil: that worthy of another show. in the meantime, you have been targeting groups was nuts. what happens when the taxman starts enforcing the new heavily law. that is what michele bachmann wants to know. first they need money to implement the healthcare law and prohibiting up health care companies for it. we reported and you decide. ♪
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at least 70 people were hurt. four remain in serious condition. metro and amtrak service between new york and boston has been suspended. commuters are being told to find alternate ways to work on monday. weary residents of a texas town ravaged by tornadoes are finally returning home. hundreds of people seeing their property for the first time since storms hit wednesday night. they confirm 16 twisters touched down in north texas, granbury bore the brunt of it. it killed six people and destroyed dozens of buildings. back to "cavuto on business", go to foxnews.com for the latest. ♪ >> neil: all right. getting serious about selling the healthcare law. they are hitting up private businesses to promote that law. some of very same firms are
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agencies overseas. were they really freely giving a hand or getting strong armed? >> it's a huge conflict of interest. it's almost like political. this is whole political thing. you essentially forcing businesses to turn over contributions to promote a political agenda which is healthcare. >> it's also we have no idea how much this thing is going to cost. and health and human services doesn't have enough money to implement the exchanges. congress has been dipping into other parts of the healthcare law bike the prevention fund, taking half a billion out of that for the very purpose. they have no control over it and no idea what the ultimate costs will be. >> neil: i wonder how the phone call went. is this h&r block. are you automobile to get a few bucks.
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just wondering. >> shall we send someone over. [ laughter ] >> listen, people are connecting dots. lobbyists wrote in. we saw certain corporations and certain unions, the insurance stocks blew up about a month ago because things weren't so bad for them. there is a wink and nod here but people should be upset is people watching this show. we are going to bear the brunt and dagen's point it's going to cost more than people can believe. >> neil: one of the arguments, well, republicans and all of this slow boating a lot of funds we needed to implement this. this is what we had what do you think of that? >> its straight chicago style machine politics shake down. it's nothing but a protection racket. they come into your store. they threatened they are going to burn down your store. they say we'll sell you
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protection. they say protection from us. it's a straight machine politics style shakedown. its disgrace. >> neil: adam? >> look, i don't love this. i'm not going to be a cheerleader for what she is doing here. i hate to be forced into the position of being the regulate on optimist as i so frequently am on this program and we have a long history of cooperation between the government. >> you're druging. >> and private sector. military works with private groups to support our armed forces. the faa works with airplane manufacturers. >> that would be illegal. that would be illegal. >> it's saying we need -- >> to make sure that people.
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>> i have to say, adam when you bring up the optimism thing, you walk up to someone and get hid hit in a brick, you are still alive and there is always tomorrow. [ laughter ] >> thank you for pointing that out. >> neil: i was wondering, what it is the companies that said no what if they said no? >> they might pay some price for it. it's one of those things you don't say no. maybe they will go back and say listen. >> this is fingering the guy. >> maybe or maybe not. >> this trying to keep the water at bay and move ahead with the implementation. >> you could go to jail for this sort of stuff. you want a contract, give me a hundred thousand dollars. >> neil: i think it was more subtle than that. i think the bench point -- or when it comes what they did to
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the irs or justice did by going to the a.p. reporters, it's done with a wink and nod, just curious. >> it's like an illegal tax, as well. they are throwing in extra taxes now. >> neil: the entities that paid have vested interests in getting something out of it. >> i think it's a quid pro quo. >> neil: what was the upside for them. >> how many contracts do they have? it could be illegal. that is why it's illegal. >> neil: when we come back, a walking out to get 100% pay hike but they say the raise is not about it. it's about the unions. i'm so glad you called. thank you.
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coming up spreading across america, fast food employees walking off the job, they are demanding double the pay but is demanding double the pay but is it
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for a store near you go to benjaminmoore.com/bayarea. >>. >> neil: now happening in milwaukee, folks working at burger joints protesting their pay. they just want a little increase but they want double the wages. is the union cooking up more trouble. >> i think they are cooking up trouble for themselves and workers. what they are going to happen they will get replaced by other workers that will work for normal pay. this is pure idiotic by trouble making that people that don't
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understand how the world works. >> neil: i've been through couple of those drive-thru. >> neil: i love mcdonald's. >> american people want cheap, fast food. if they are unionized it will be fewer jobs for everybody. >> i don't eat that garbage but --. >> neil: eat that. >> meaning mcdonald's. a lot of sugar in the salad dressing. >> neil: what about the mcribs, you know that really not ribs. >> and people that flip ham 'burgers, i don't have a problem with them making more bucks. free market works. >> and in detroit right to work
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state. >> free market works. >> listen, this is what i hear, this is what i think. ben brought up the point. these people are being led down the wrong path. the idea that you should be paid twice as much for a free market wage that you did not earn. here is the thing -- >> they don't understand. >> people it's what the management put if their pocket. >> this is not extortion. >> this is prime example. >> let me finish my point. >> neil: let charles finish. >> 300 million in the hole because the city went on this heavy unionization. they overpriced themselves not only out of the car market but the city is dying. it's worse than anything we're seeing in europe or greece or
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anything else. >> charles just changed the subject. we don't know what the right way is. you don't know. [ talking over each other ] >> they could get those jobs tomorrow. secondly i don't see why we're blaming unions to try to recruit more members. that is what any organization wants. that is part of the market. >> they are going to lose members, my friend. they will lose them. >> it's a real extortion strike. >> nothing like this. >> at least in a state like michigan, they will have the option whether they want to pay union dues, right to work. >> neil: luckily you two or leaving. thank you very much. good point. i just found out, anchors here at fox get paid.
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[ laughter ] >> neil: anyway the stocks they like so much. they are buying them with their own money. these guys have their own money. why are twice as many people choosing verizon over any other carrier? many choose us because we have the largest 4glte network. others, because of our reputation for reliability. or maybe it's because we've received jd power and associates' customer service award 4x in a row. in the end, there are countless reasons. but one choi.
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>> are. >> neil: charles has some stocks he thinks are cooking. >> i really believe it is turning around. >> neil: what do you think of that adam? >> it's okay. if i were to go something in machinery i would take caterpillar but charles is great stock picker. >> neil: that is put down. [ laughter ] >> neil: what do you think. >> walmart with things going so well, i like to look the stocks that are struggling. walmart will be around for a very long time as the economy continues to recover. >> neil: ben? >> i always love walmart but they have got to do something about their stores. i like it.
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i like, of course, the indexes and spy the dividend in part of the standard & poor's. >> what did you mean by that. that will do it. >> sounding the alarm on bias against conservatives michele bachmann is sounding off on the tea party groups. the agency is about to start enforcing the healthcare law for all of us. they can't be trusted with our dreams and be trusted with our health? plus... shut your computer and turn off your phone. uncle sam is peeping on i, invading phone records and even facebook accounts. the scandal that no one is talking about. and it